automotive m&a insights mid-year 2014 - pwc€¦ · 2 welcome 3 key trends at a glance 4 h1...

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Automotive M&A InsightsMid-Year 2014

In this issue

2 Welcome

3 Key trends at a glance

4 H1 2014—first half review

8 Insights into regions

10 Analyzing industry segments

11 Who’s buying: Financial versus Trade buyers

12 The road ahead

13 Contact information

Driving value 2 Mid-Year 2014 Automotive M&A Insights

Welcome

We are pleased to present Automotive M&A Insights: Mid-Year 2014, PwC’s review of mergers and acquisitions (M&A) activity and key trends impacting the global automotive industry.

In this edition, we look at:

• The status of global automotive deal activity amongst vehiclemanufacturers,suppliers,financiers,andotherrelated sectors

• Key trends that impacted the deal market

• Transaction activity by sector and region

• Our perspective on the journey to the future

This latest edition of Automotive M&A Insights is meant to serve only as a preface to the insights and observations that we can provide to drive successful transactions. M&A leadersintheautomotiveandfinancialsectorsfrequentlyturn to us for advice on potential transactions and the strategies underpinning those deals. Your feedback is important to us, and we welcome the opportunity to provide you with a deeper look into any of these trends thatmaybeofbenefittoyourorganization.

Paul G. Elie

US Automotive Transaction Services Leader

+1 (313) 394 3517

[email protected]


Global automotive deal volume grew by

13% closing250

$27.5 billionin global automotive deal value

Key trends at a glance Automotive

Average global automotive deal size of

$284million highest in 7 years

Predicted global automotive assembly growth 2014

2020

4%

CAGR

North American automotive assembly units forecast for 2014

million units

billion

16.9

$20.9

Amount by which North America automotive activity rose

60%

$10.1 billion

megadeals

$9.1 billionFinancial buyers share of global

automotive M&A activity increased

60%TOP 10 DEALSWERE IN US ASSETS

COMPONENT SUPPLIERS deal value soared to

consecutive increase

in the first half of 2014

Global cross-sector M&A volume increased H1 2014 compared to H1 2013

5Source: Thomson Reuters and other publicly available resources.

and 4th

H1 2014 largest automotive deal:

to 26%

with a total aggregated disclosed value of

2x

deals in H1 2014 compared to H1 2013


First half review

The big picture: Green lights on the road to the future

Afteranimposingfirsthalfof2014(H12014), PwC continues to maintain a positive outlook for Automotive M&A going forward.

H1 2014180 days—250 deals— $27.5 billion total aggregate disclosed value

The numbers tell the story…

Deal volume: Global cross-sector M&A volume increased 6% in the first half of 2014 compared to 2013. In comparison, global Automotive deal volume climbed to 250—an increase of 13%.

Deal value: H1 2014 saw global Automotive deal value soar to its highest level in the last seven years, building to an astounding $27.5 billion—a massive increase of 110% over the first half of 2013. While lagging behind Automotive, cross-sector deal value increased 3% in that same timeframe.

Deal size: The deal-size numbers are equally promising in terms of future growth. Globally, average Automotive deal size increased by a rousing 66%, primarily driven by megadeals:

• Volkswagen acquisition of Scania—$9.1 billion

• Blackstone acquisition of Gates Corporation—$5.4 billion

• Fiat North America purchase of remaining shares in Chrysler Group LLC— $2.9 billion


0

20

40

60

80

100

120

140

160

180

H1 2014H1 2013H1 2012H1 2011H1 2010H1 2009

<$100 mn

Global auto M&A deals by disclosed valueH1 2009–H1 2014

$100 mn—$1 bn >$1 bn

Source: Thomson Reuters and other publicly available sources.

75

17

117837073

1624

32

67

7

62

5

54

58

31

$127

Average deal size (R-Axis)

Dea

l vo

lum

e o

f d

iscl

ose

d d

eal v

alue

Averag

e disclo

sed d

eal value ($mn)

0

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450$396

$203$99

$171

$284

19

Global Auto M&A Deals by Disclosed Value H1 2009–H1 2014

Source: Thomson Reuters and other publicly available resources

0

5

10

15

20

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H1 2014H1 2013H1 2012H1 2011H1 2010H1 2009H1 2008H1 20070

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350

Disclosed deal value

Global automotive M&A deal volume and valueH1 2007–H1 2014

UST Facilitated investments


333

282257 265

303

264

222

250

Deal volume (R-Axis)

Dis

clo

sed

dea

l val

ue ($

bn)

Deal vo

lume

$19 $16 $24.2 $11.6 $18.8 $10.6 $13.1 $27.5

Global Automotive M&A Deal Volume and Value H1 2007–H1 2014


Global automotive—Zoom zoom

After two straight years of decline in Automotive M&A, things are now looking up.Dealvolumeroseby13%inthefirsthalf of 2014. With 250 deals closing at a total disclosed value of approximately $27.5 billion, the industry saw its highest value of deals transacted during the review period. This increase was primarily driven by megadeals that culminated in a total aggregated disclosed value of $20.9 billion.

Inthefirsthalfof2014,theaverageglobalauto deal size increased 66%, rising from $171 million to $284 million. Even with 57fewerdiscloseddealsinthefirsthalfof2014thantherewereduringthefirsthalfof 2013—97 versus 154 in H1 2013—the number of megadeals stayed consistent at five.Clearly,largermegadealscontinuetoleadtoasignificantincreaseinoverallaveragedealvalueinthefirsthalfof2014just as they did in 2013. Global Automotive is now enjoying the highest average disclosed deal value that it has seen since 2009.


Top 10 dealsTop 10 transactions—H1 2014

Date effective Target name Target region

Acquiror name Acquiror region

% of Shares acquired

Value of transaction

($m)

Buyer type

Category

1 05 Jun 2014 Scania AB Europe Volkswagen AG Europe 37 9,056 TRADE VM

2 03 Jul 2014 Gates Corporation US Blackstone US 100 5,400 TRADE Comp

3 21 Jan 2014 Chrysler Group LLC US Fiat North America LLC US 41 2,862 TRADE VM

4 02 Jan 2014 General Parts International Inc US Advance Auto Parts Inc US 100 2,040 TRADE Other

5 26 Feb 2014 ThyssenKrupp Steel USA LLC US Investor Group Asia 100 1,550 FIN Comp

6 18 Jun 2014 OAO Avtovaz Europe Alliance Rostec Auto BV Europe 75 750 FIN VM

7 31 Mar 2014 Honda elesys Co Ltd Asia Nidec Corp Asia 100 500 TRADE Comp

8 6 Jan 2014 Keystone Automotive Operations Inc US LKQ Corp US 100 450 TRADE Other

9 14 Apr 2014 Terry's Tire Town Holdings Inc US American Tire Distributors Inc US 100 365 TRADE Other

10 20 May 2014 BMC Sanayi ve Ticaret AS Europe Es Mali Yatirim ve Danismanlik AS Europe 100 356 FIN VM

Automotive assembly—Pedal to the metal

As detailed earlier, Assembly is on a roll. Despite economic volatility, political uncertainty and an unprecedented number of vehicle recalls dominating headlines, sales and vehicle assembly continue to grow. PwC’s Autofacts notes that the industry’s near-term future has never looked brighter, and we attribute this to both expansion in developing Asia and to sales in Europe and North America. The industry is expected to add 23.5 million units of production between 2014 and 2020, for a compounded annual growth rate (CAGR) of 4%.

The only bump in the road has been global vehicle recalls that continues to mount and could easily surpass the 100 million-unit mark by year-end. In the US alone, more than 37 million vehicles have been recalled throughthefirsthalfof2014.However,onabrightside,heavycapacityinvestment in North America continues, with the region forecasted to reach light vehicle assembly of 16.9 million units in 2014—up 4.5% year-over-year with the potential to reach 20 million units by the end of the decade. Moreover, the European Union is beginning to hit its stride as a long-awaited recovery takes hold with 2014 Assembly predicted to reach 16.8 million units, a 5.4% jump over 2013.



Global Light Vehicle Assembly Outlook 2001–2020

Global light vehicle assembly outlook

Ass

emb

ly v

olu

mes

(mill

ions

)

Deal vo

lume

Automotive M&A deal volume (FY14 projection)

Source: PwC Autofacts 2014 Q3 Data Release, Thomson Reuters and other publicly available sources, PwC Analysis

20

30

40

50

60

70

80

90

100

110

20202019201820172016201520142013201220112010200920082007200620052004200320022001

53 55 56 5863 65

69

58

72

7983

8692

97102 105 108 109

462

621588

515

584 594 60466

549

532

520

75

594

490465

491

200

300

400

500

600

700

800

900

Global light vehicle assembly outlook2001–2020

Cross-sector M&A

As evidenced in the chart below, recent global cross-sector M&A is trendingupward,thoughnotnear2007or2008levels.Inthefirsthalf of 2014, compared to that same timeframe in 2013, both deal volume and value increased by 6% and 3% respectively.

0.0

0.2

0.4

0.6

0.8

1.0

1.2

1.4

1.6

1.8

2.0

H1 2014H1 2013H1 2012H1 2011H1 2010H1 2009H1 2008H1 20070

2

4

6

8

10

12

14

16

18

20


Global cross-sector M&A deal volume & valueH1 2007–H1 2014


16 16

12.913.6

Deal volume (R-Axis)

Deal vo

lume (tho

usands)

$1.89 $1.45 $0.81 $0.91 $1.30 $0.93 $0.98 $1.01

1515.1

18.719.0

Dis

clo

sed

dea

l val

ue ($

trn)

Global cross-sector M&A deal volume & value H1 2007–H1 2014

Source: Thomson Reuters and other publicly available sources


Insights into regionsThe big picture

Across all regions, local deals dominated the M&A landscape with 92% of deal value (or $25.3 billion) being transacted by targets and acquirers within the same borders. Much of the movement in share of deal volume and value was between North America and Europe, while Asiaremainedrelativelyflat.EuropeanandNorthAmericanassetsexperiencedthegreatestbenefitfromthemegadealstransactedinthefirsthalfof2014,withallfivedealsbeingeitherwithanEuropeanor United States target and/or acquirer.

North America

InNorthAmerica,activitywasthemostrobustregioninthefirsthalfof2014. Its share of deal volume by acquirer and target region—32% and 34% respectively—was the highest over the review period. Compared tothefirsthalfof2013,targetdealvalueintheregiongrewbyarousing135%, while target deal volume increased by 60.4%. This strong growth spotlights the ongoing improvement in the economic landscape within the United States, and evidences companies’ willingness to return to the M&A markets to seize strategic and growth opportunities.

Europe

WhileNorthAmericahasexperiencedasignificantincreasethusfarin 2014, European assets have remained relatively steady with what we saw in 2013. The European region was responsible for 38% of deal valuebyacquirerregionascomparedto12%inthefirsthalfof2013,showing positive growth in larger-size deals and continued interest in assets that have been suppressed by the poor economic environment.

Asia

At approximately 25%, Asian assets’ share of deal volume—both bytargetandacquirer—remainedflat,whiledealvaluedecreasedsignificantlyinthefirsthalfof2014.Weattributethisprimarilytomega deals having being focused for the most part in Europe and United States. Indeed, only two of the top 10 deals transacted in the firsthalfof2014weretransactedbyanAsianacquirer.

Share of Deal Volume by Acquiror Region 2009–H1 2014

Share of Deal Volume by Target Region 2009–H1 2014

Source: Thomson Reuters and other publicly available sources Source: Thomson Reuters and other publicly available sources

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

H1 201420132012201120102009

25%27% 27% 33% 25%

24%20% 23%

27%

25%

39%46%

41%

31%

40%

9%7% 9% 10%

27%

32%

31%

9%12%

Europe

Share of deal volume by acquiror region2009–H1 2014

US Asia Row


0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

H1 201420132012201120102009

Europe

Share of deal volume by target region2009–H1 2014

US Asia Row


10% 4% 7% 8% 8%

23%31%

28% 32% 25%

25% 20% 22%24%

25%

42%45% 43%

36%43%

7%24%

34%

35%


Share of Disclosed Deal Value by Acquiror Region 2009–H1 2014

Share of Disclosed Deal Value by target Region 2009–H1 2014




0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

H1 201420132012201120102009

10%

2%

36% 31% 21% 46% 13%

68%

31%24%

31%

38%

48%

19%

31%

41% 43%

12%

38%

5%4% 4%1%2%

Europe

Share of disclosed deal value by acquiror region2009–H1 2014

US Asia Row


0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

H1 201420132012201120102009

68% 2% 45% 26% 22% 47%6%

30%

33%28%

35%

54%

29%24%

39%

48%

14%

39%

4%1%1%2% 2% 2%

Europe

Share of disclosed deal value by target region2009–H1 2014

US Asia Row


USLocal: 70 deals, $13.15 billionInbound: 15 deals, $1.83 billionOutbound: 12 deals, $0.12 billion

Asia (Asia & Oceania)Local: 57 deals, $1.64 billionInbound: 3 deals, $0.00 billionOutbound: 12 deals, $2.00 billionRest of the World

Local: 14 deals, $0.20 billionInbound: 4 deals, $0.00 billionOutbound: 7 deals, $0.07 billion

EuropeLocal: 72 deals, $10.30 billionInbound: 15 deals, $0.42 billionOutbound: 6 deals, $0.06 billion



Analyzing industry segmentsThe big pictureDealvalueacceleratedinthefirsthalfof2014comparedtothatsametimeframein2013—increasingsignificantlyinallcategories.

Vehicle Manufacturers—green light, red lightVehicle Manufacturers led the pack with the largest increase ($12.3 billion), which we see as having been primarily driven by two mega deals with a total aggregate disclosed value of $11.9 billion; Conversely, vehicle manufacturers’ deal volume decreased by 20%, marking the third consecutive period of declining volumes for the segment.

Components Suppliers—green lights all the wayAfter three periods of decline in a row, Components Suppliers saw dealvolumerisefrom100dealsinthefirsthalfof2013to117dealsinthefirsthalfof2014,representinganincreaseof17%.Continuingon a roll, deal value amongst Component Suppliers increased for the fourth straight period, fueled by the Blackstone acquisition of Gates Corporation for $5.4 billion. Moreover, Component Suppliers’ deal volume has increased along with deal value, showing not only gains to the market due to the Gates mega-deal, but also smaller deals.

Others—turning the cornerAftersignificantdeclinesduringthepeakoftherecession,theOtherscategory—including retail/dealership, aftermarket, rental/leasing and wholesale, etc.—is starting to recover. The segment transacted 109dealsinthefirsthalfof2014,representingan18.5%increaseoverthe same period last year.

Vehicle Manufacturers M&A Activity 2009–H1 2014

Others M&A Activity 2009–H1 2014



Vehicle manufacturers M&A activityH1 2009–H1 2014

Dis

clo

sed

dea

l val

ue ($

bn)

Deal vo

lume

Deal volume


30

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42

24

52

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H12014

H12013

H12012

H12011

H12010

H12009

26

48

$10.8 $5.7 $3.1 $4.4 $1.1 $13.4


Others M&A activityH1 2009–H1 2014

Dis

clo

sed

dea

l val

ue ($

bn)

Deal vo

lume

Deal volume


0

2

4

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9285

109107

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H12014

H12013

H12012

H12011

H12010

H12009

146

67

$9 $4.3 $12.1 $1.6 $3.4 $4

Component Suppliers M&A Activity 2009–H1 2014



Component suppliers M&A activityH1 2009–H1 2014

Dis

clo

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l val

ue ($

bn)

Deal vo

lume

Deal volume


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117

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H12014

H12013

H12012

H12011

H12010

H12009

86

150

$6.8 $1.6 $3.7 $4.7 $8.6 $10.1


Who’s buying:Financial versus Trade BuyersThe big picture Thefirsthalfof2014sawbothFinancialandTradebuyerstakeoffinterms of deal volume, but when it came to deal value, Financial buyers shifted gears.

Financial buyers—Green light, red lightThefirsthalfof2014sawFinancialbuyers’M&Aactivityincreasedby 39% over that same period in 2013, with its share of deal volume climbingto26%—afiguremoreinlinewith2010and2011levels.Thisriseto26%representsthefirstincreaseinfouryears,and26%is more in line with 2010 and 2011 levels. Financial buyers have shown a shift to Component Suppliers, targeting candidates in Asia over other regions.

Onthedownside,thefirsthalfof2014sawdealvalueamongstFinancial buyers decrease by 41%, but this was no surprise, in that thefirsthalfof2013encompassedCarlyle’sacquisitionofDuPontCoatings—the largest transaction in 2013.

Trade Buyers M&A Activity 2009–H1 2014

Financial Buyer Share of M&A Activity 2009–H1 2014


Trade value

Trade buyers M&A activityH1 2009–H1 2014

Dis

clo

sed

dea

l val

ue ($

bn)

Deal vo

lume

Trade volume (R-axis)


0

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176

206

186

224

0

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250

H12014

H12013

H12012

H12011

H12010

H12009

187 193

$25.1 $7.2 $10.3 $9.3 $6.3 $23.5

Financial buyer share of total value

Financial buyer share of M&A activityH1 2009–H1 2014

Sha

re o

f M

&A

act

ivit

y

Financial buyer share of total volume


0%

10%

20%

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H12014

H12013

H12012

H12011

H12010

H12009

28% 22%26%27% 26%

21%

6% 37% 45% 12% 52% 15%

Financial Buyer M&A Activity 2009–H1 2014


Financial value

Financial buyer M&A activityH1 2009–H1 2014

Dis

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ue ($

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lume

Financial volume (R-Axis)


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H12013

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71 72

$1.5 $4.3 $8.5 $1.3 $6.8 $4

Trade buyers—green lights aheadForTradebuyers,dealvalueincreasedexponentiallyinthefirsthalfof 2014, with the value of initiated deals surging threefold compared tofirsthalf2013.Asweseeit,muchofthisincreasestemsfromtheFiat & Volkswagen acquisition of Vehicle Manufacturers Chrysler and Scania, respectively, as well as the Blackstone acquisition of component supplier Gates Corporation.


The Road AheadA positive outlook for Automotive M&AWhile the industry as a whole has faced challenging times over the past several years, the markets seemtohavefinallypulledthemselvesoutoftheworsteconomicdownturninrecenthistory.

Given the robust Automotive Assembly outlook, PwC expects the M&A markets to continue to stay strong as companies continue to use M&A to improve technology, grow customer base, and expand geographic footprint.

Green lights on the road to the “ultimate connected car”Over the long term, we see M&A playing an increasingly vital role in the development and integration of newtechnologiesintovehiclestoimprovesafety,fuelefficiencyandconnectivity.

While we anticipate “all systems go” for a steady rollout of innovative new technologies over the next several years, clearly the timing and degree of growth in the global automotive markets will depend on the future state of the economic climate around the world.

We predict that these factors will likely spark automotive M&A growth going forward:

On the road to prosperity—Fueling future growth

• High levels of liquidity on corporate balance sheets

• Strategic initiatives to expand market share and grow customer, technology and product portfolios

• Resolution of the EU’s sovereign debt issues of member states

• Strong economic recovery and pent-up demand in developed countries such as the US

• Resumption of trend line economic growth in China and India


Contact usTo have a deeper discussion about our point of view on automotive M&A, please contact:

Authors Automotive leadership

Automotive transaction services

Paul Elie US Automotive Transaction Services Leader

[email protected] +1 (313) 394 3517

Harry Gruits Director, Automotive Transaction Services


Christopher Becker Senior Associate, Automotive Transaction Services


Richard Hanna Global Automotive Leader


Felix Kuhnert European Automotive Leader

[email protected] +49 (711) 25034 3309

Hitoshi Kiuchi Asia Pacific Automotive Leader

[email protected] +81 (0)80 3158 6934

Brian Decker US Automotive Advisory Leader


Dietmar Ostermann Global Automotive Advisory Leader


Alexander Unfried Global Automotive Tax Leader

[email protected] +49 (711) 25034 3216

Humberto Tognelli Brazil

[email protected] +55 (11) 3674 3855

Damiano Peluso Canada


George Lu China

[email protected] +86 (10) 6533 2920

Tang Xun China

[email protected] +86 (21) 2323 3396

Steven Perrin France

[email protected] +33 (0)156 578 296

Martin Schwarzer Germany

[email protected] +49 (0) 69 9585 5667

Sanjeev Krishan India

[email protected] +91 (12) 4330 6017

Francesco Giordano Italy

[email protected] +39 348 1505447

Taizo Iwashima Japan


Jason Wakelam UK

[email protected] +44 (0) 77 1471 1133

Paul Elie US


Corporate finance

Automotive marketing and media relations inquiries

Damian Peluso Canada


Martin Schwarzer Germany

[email protected] +49 (0) 69 9585 5667

Marco Tanzi Marlotti Italy

[email protected] +39 (02) 8064 6330

Taizo Iwashima Japan


Darren Jukes UK

[email protected] +44 (20) 7804 8555

Mike Milani* US


Kristin McCallum Ritter Global and US Automotive Marketing Leader


Meghan Bested Automotive Marketing Manager


About PwC’s Automotive Practice

PwC’s global automotive practice leverages its extensive experience in the industry to help companies solve complex business challenges with efficiency and quality. One of PwC’s global automotive practice’s key competitive advantages is Autofacts®, a team of automotive industry specialists dedicated to ongoing analysis of sector trends. Autofacts provides our team of more than 4,800 automotive professionals and our clients with data and analysis to assess implications, make recommendations, and support decisions to compete in the global marketplace.

About the Transaction Services Practice

The PwC’s Transaction Services practice provides due diligence on both the buy and sell side of a deal, along with advice on M&A strategy, valuation, accounting, financial reporting, and capital raising. For companies in distressed situations, we advise on crisis avoidance, financial and operational restructuring and bankruptcy. With approximately 1,000 deal professionals in 16 cities in the US and over 6,000 deal professionals in over 90 countries, experienced teams are deployed with deep industry and local market knowledge, and technical experience tailored to each client’s situation. Our field-proven, globally consistent, controlled deal process helps clients decrease minimize their risks, progress with the right deals, and capture value both at the deal table and after the deal closes.

About Autofacts®

Autofacts is a key strategic asset of PwC’s global automotive practice. Fully integrated with PwC’s more than 4,800 global automotive professionals, Autofacts provides ongoing auto industry analysis our clients use to shape business strategy, assess implications and support a variety of operational decisions. The Autofacts team also draws from the strengths of PwC’s marketing, sales and financial services groups to support other key areas of automotive companies’ functions. Since 1985, our market-tested approach, diverse service offerings and dedication to client service have made Autofacts a trusted advisor throughout the industry. For more information, visit www.autofacts.com.

“PwC was recognized as having the largest Transaction Advisory Services Practice by revenue. PwC was also named a “Vanguard” firm and recognized by Kennedy as having the highest breadth and depth of service capabilities”.

Source: Kennedy; “Transaction Advisory Consulting Marketplace Report

2009–2012”; © BNA Subsidiaries, LLC. Reproduced under license

Visit our automotive industry website at www.pwc.com/auto

*Corporate finance services in the US are provided through PricewaterhouseCoopers Corporate Finance LLC (“PwC CF”). PwC CF is owned by PricewaterhouseCoopers LLP, a member firm of the PricewaterhouseCoopers Network, and is a member of FINRA and SIPC. PwC CF is not engaged in the practice of public accountancy. US persons, please contact the FINRA registered representatives noted with an *.

All dollar amounts are expressed in US dollars, unless otherwise noted.

PwC helps organisations and individuals create the value they’re looking for. We’re a network of firms in 158 countries with more than 180,000 people who are committed to delivering quality in assurance, tax and advisory services. Tell us what matters to you and find out more by visiting us at www.pwc.com.

This publication has been prepared for general guidance on matters of interest only, and does not constitute professional advice. You should not act upon the information contained in this publication without obtaining specific professional advice. No representation or warranty (express or implied) is given as to the accuracy or completeness of the information contained in this publication, and, to the extent permitted by law, PwC does not accept or assume any liability, responsibility or duty of care for any consequences of you or anyone else acting, or refraining to act, in reliance on the information contained in this publication or for any decision based on it.

© 2014 PwC. All rights reserved. PwC refers to the PwC network and/or one or more of its member firms, each of which is a separate legal entity. Please see www.pwc.com/structure for further details.

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automotive m&a insights mid-year 2014 - pwc€¦ · 2 welcome 3 key trends at a glance 4 h1...

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